All Forum Posts by: Emmett R. McCarthy

Thanks @Jerry Stanford. Will, I am a real estate attorney focusing on tax sales, tax deeds and distressed real estate. My firm handles all kinds of real estate matters and litigtaion, among other things. I have connections with lots of tax investors if you are looking to pick up properties for below market prices. Feel free to give me a call to discuss. On a side note, I grew up in South Holland and played hockey in Alsip, passing through Midlothian on a regular basis. Thanks.

I am not familiar with any of the books so comment there, but I do agree with @Ned Carey re: the laws differ so much state-to-state and the procedures county-by-county that you need to find someone who is familiar with the specific jurisdiction in which you plan to invest. If you are looking for information about IL tax sales, let me know and I can send you lots of information. Tax liens are my primary practice area. Good luck!

Welcome aboard. If you have any interest in acquiring properties via delinquent tax liens, let me know and I can provide you with lots of information. That is my primary practice area. Thanks and good luck!

IL rates start at 18% but can go as low as zero. The tax buyer can "pay and post" subsequent years' taxes and those are at 12% per year "or part thereof," which means you earn the full 12% even someone redeems the day after the subtaxes are paid and posted. 

I don't know the laws in PA, but here in IL the same judge that entered the order for tax deed can also enter an order for possession. As a result, it's pretty easy to evict people. If they are renters, you may want to keep them and negotiate new leases. If they are the former owners and you are looking to flip the property, you may want to consider "cash for keys." "You catch more flies with honey than vinegar." Lastly, if you anticipate issues, get an order for possession as soon as you can, then you have some leverage with the occupants and can place the order with the county sheriff if needed. Good luck at the tax sale!

Thanks Jerry. We handle all types of closings from standard residential to complicated closings arising out of litigation. 

Welcome aboard. I'm originally from the south side, now live in Wilmette and work in the city, go figure. My primary practice area is real estate tax liens/tax deeds in IL. If you are looking to invest in tax lien certificates, at any point in their lifecycle, let me know. I also do deals with lots of real estate tax investors who sell tax deeds or expired tax certificates that are ready to go to tax deed. Thanks!

IL is a tax lien state where you are bidding on the lien versus an actual deed to the property, but that lien has penalty rates from 18% all the way down to 0% (per 6 months or part thereof) and can be turned into a deed after the redemption period expires provides the tax purchaser strictly complied with the IL Property Tax Code. IL tax deeds convey "merchantable title" and do not require a quiet title action. 

 Welcome aboard!

In Illinois, tax lien certificates are freely assignable. In some counties, the assignment language is preprinted on the certificate. The assignment may, but is not required, to be registered with the county. I am not sure about other states. Thanks. 

Jerry, that is correct. An experienced real estate attorney is highly recommended for real estate deals and closings. Some people think that title insurance will be their savior but I handle many title claims and most owners are not happy being dragged into litigation.